This Mutual Termination of Employment Agreement is entered into by and between Gen2Media Corp. and James Byrd, Jr. this 9th day of July, 2009.
This Mutual
Termination of Employment Agreement is entered into by and between
Gen2Media Corp. and ▇▇▇▇▇ ▇▇▇▇, ▇▇. this 9th
day of
July, 2009.
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1.
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▇▇▇▇
is the current Chairman and CEO of Gen2 under 3 year employment agreement
("the Agreement").
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2.
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The
parties desire to, and do hereby, mutually terminate the Agreement
effective immediately.
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3.
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▇▇▇▇
hereby resigns from the Board and as an officer of Gen2, however shall
continue to consult with the Board and management of Gen2 on all issues
relative to capital formation, market issues, public company issues, legal
issues (although ▇▇▇▇ is not a practicing attorney), structural issues,
management and marketing issues, financial issues, shareholder relations,
market relations and any other related areas requested by
Gen2.
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4.
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▇▇▇▇
hereby forgives all monies owed to him for wages that are past due, and
will provide all of the above mentioned consulting services for no cash
compensation, in exchange for Gen2 waiving any future payment on any
remaining options that ▇▇▇▇ has under the Agreement. Therefore, all shares
provided under the Agreement shall be considered paid in full, and the
remaining shares shall be issued to ▇▇▇▇ immediately. This will not affect
any monies due to ▇▇▇▇ for bona fide expenses such as travel expense on
▇▇▇▇'▇ credit cards.
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5.
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It
is agreed by the parties that ▇▇▇▇ has fulfilled his obligations under the
Agreement, and this Termination is a result
of the desire of the parties to
reduce the overall cost expense
of Gen2, and
the desire to have ▇▇▇▇ focus
on market related initiatives and capital formation and
growth strategies.
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6.
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▇▇▇▇
shall devote a substantial amount of his time, by phone or in person
assisting the CEO and Board of Gen2 in all of the above areas, but shall
not have a specific or set schedule, and the parties recognize that ▇▇▇▇
has other significant business interest as well.
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7.
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The parties shall jointly approve any 8-k filings or press releases relative to this termination. |
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/s/ ▇▇▇▇
▇▇▇▇▇▇▇
▇▇▇▇
Argentir
/s/ ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇
▇▇▇▇